Hi Kunal,
crossing the border into France and back I have never been checked, but people in front of me have often been pulled out. It's mostly the Swiss border controls checking if you have done too much shopping in France, but gambling on not being checked might be a bit risky. There are also mobile controls (again about the shopping), so even if you have made it across the border you are not safe!
If you want to stay somewhere a bit cheaper you might want to try and find hotels or B&B just outside of Geneva, e.g. in or around Nyon. The Nyon website will take you to the B&Bs,
www.nyon.ch. Nyon is about 15 mins away from Geneva airport by car.
Hope this helps,
swisskat